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Quantum Fund Co-Founder Jim Rogers on how he made his fortune and the missteps he took along the way.
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All that -- seem to have that golden touch everything they touch turns to gold but but not always even the most successful investors have had their head handed to them.
That you thought you knew the way the markets were heading but did not have the money or the guts to follow through our you'll contrary and when investors are Russian indoor invest party always -- -- the other direction all of this sums up.
Parts of my next guest what makes him tick.
And had a -- the investment landscape and we now iconic investor author of benchmarks adventures on the road and in the markets Jim Rogers.
Jim I've known about it for a long time and never met you before and it's it's -- because you're just like a very powerful character well -- Yet you're you're you came from small town in the south wound up at -- Got in.
You know kind of danced around some Wall Street firms had no idea what Wall Street was about I didn't know the difference -- the stock in a bond.
And you -- -- the zillion dollars and retired we were 37.
Well I've made a lot of mistakes along the way to his book tour yeah points you got wiped out there right LA by trying to shortest bought one of the first things -- -- was I was -- -- brilliant move on make tripled my money in five months half have poured my Smart.
I found a very -- got to know anything new markets showed me will show you boy wizard that.
Isn't -- -- true though of so many people who try something new they try commodities really try.
Puts and calls -- -- an end and they'd they'd do really well and they think I've got it I've got to secret I've got the -- But you do have the next sure you've made mistakes that you made a lot of money.
Well back to your point I wanna say I'm not the first present say that they -- little knowledge is a dangerous thing.
You know we all know that you think you know a lot but you don't that's when you make a lot of mistakes I learned from that I think it's wonderful to lose money.
When you do it do when you're young humanist not a lot of money could it teaches you a lot of things about the market it teaches you about yourself.
What you started.
Shorting stocks not a -- get into a lesson here on shorting stocks with the audience but but basically were betting on stocks or we're gonna go down and major money it's.
You got into commodities when nobody was even knew what a commodity was.
What we're.
How -- your mind work because Google places -- the people that people of the one ago.
And I would like to figure that out believes it is correct and I always -- -- -- I find myself talking about.
Myanmar people say what's Myanmar project talk about North Korean -- -- -- you kidding North Korea are you nuts.
I don't know quite how it happens but.
Throughout my life and whether it comes to my parents I don't know I do lined up in places that other people aren't.
Visiting are talking about are investing but that's been one of the keys to my success Tom to the extent I've had any success is by going where the people don't go.
Yet yet and it but you did -- when you were young guide.
But you've also had the luxury of once you made pretty good pile -- money.
You bailed.
-- when George Soros the Quantum fund -- mean if his.
And if people think about you know big investment firms and they think there's like tall buildings with people have been issued Soros in this.
For -- at -- and that was it.
That both -- us that -- overdone Columbus Circle it and you -- you went from twelve million this quarter road trillion dollars and fairly short period of China but we we worked hard -- -- -- -- -- -- we had a success now I haven't seen -- in over 33 years.
He might as well ask me about my first wife and hope that our hard disk well.
But it still it goes to the fact that you were you were being the can.
I don't know if it was -- in the right word but you were you were just -- observing things -- -- potentially you make your money.
Then you do.
Ride a motorcycle around the world and you drove -- custom made car around the world.
That's where I think your education would be really helpful -- -- -- places that nobody else even those where they are on the map.
I know and that but I have always had this sense of this thirst for adventure is longer -- member since I was sixteen years old are teenage.
Always wanted to see the world and so I said all right I've got a little bit of money.
I'm gonna do it if we're not going to see the world like an American Express vacation package from -- -- you're going into these countries and looking around.
And you went to.
In the book you were talking about it all the different countries in Africa you were driving around you got to Botswana.
You said wow look at this air traffic signals in this quarterly and they seem that I'm gonna put some money into every stock in the Botswana stock market which was what eight or nine.
Stylish seven -- that dishonest sounds like a big CEO I step out every stock on the AJ Burnett phonies -- companies -- new rules about Botswana.
But not many people are not many people now I guess you're exactly right but it -- and be aware very successful investment the second -- this was a real country.
We might as well have been in -- have to driving through all of Africa suddenly come into -- -- that railroads real well tell us.
You you remind me of the of the investment sage you're giving the same one in this book that Peter Lynch gave.
Don't invest in things you don't know invest in things that you do know and know a lot about.
Just don't do put your money in the bank and -- 1% if you have two visits better than losing one or 2% a year just just wait.
I assure you we will find something that you know a lot about where you can make money and that's -- you become successful in.
Yet but one of them well with a -- -- on a different path but about waiting.
You talked about the fact I think -- -- something but if you knew it was gonna go down but.
Unfortunately.
You ran out of time I went down parts he went down first so.
You gotta be careful with this I mean your book is really fascinating.
-- here but you've got to be careful this isn't this isn't for for the average investor out there out of the.
Well it is for the average investor if he's willing to take the time and energy and and do they'll do the homework that investing is not an easy business -- my goodness has not an easy -- of their -- -- to -- you own TV.
And your people make a lot of money that's not the way most people are you've got to take the time in the energy and then you can make a lot of.
I stand correctly you're right the anybody can do this is just a matter of you gotta do the work.
We -- we should get rich on my goodness when -- be wonderful ways to get -- -- -- rich I'm just gonna follow you around see what you're doing Jim Rogers pleasure to meet you.
I'm delighted to be had time thank you.
